Buying a house adds a level of stability to your life that is hard to beat. No matter where you travel, it's good to know that you have a home base to get back to when you've left your destination. If you are currently in the military or were in it at some point in the past, your service could work in your favor. When you are ready to purchase your own piece of the rock, here are a few reasons why you should look into getting a veteran's affairs (VA) home loan.
Get A House With No Money Down
One of the biggest barriers that some people face when they are trying to get a house is coming up with the down payment. Bills come in every month and financial emergencies are common. Between juggling your overhead costs and taking care of things like gas for the car or food for the children, it can seem like you'll never really be able to save up enough money to have a sizable down payment for a house.
You can save yourself the headache of stressing over your down payment woes by getting a VA loan. Your time in the service could mean that you are well-qualified to buy a house without a down payment. Some VA loans even provide a clause for the seller to pay a significant portion of the closing costs. You can then get the house that you want in a fraction of the time because you don't have to skimp on the budget to save the extra cash.
An added perk of getting the VA loan is that you usually won't have to worry about paying for private mortgage insurance (PMI). PMI can add a significant amount of money to your regular monthly mortgage amount and if the price is too high you may have to go for a house that you really don't want just to fit into your budget.
VA Loans Has Fewer Requirements
If you don't have the best credit in the world, you may think that you won't be able to get a VA loan. However, you might be surprised to learn that VA loans don't usually come with the stringent requirements of other types of home loans. The VA can work with you and your unique situation to see what kind of offers fit the bill.
Your dream home is within reach. Contact your local department of Veteran's Affairs and see what they can do for you.Share
11 October 2019
When it comes to borrowing cash for a new house or a nice car, how much money do you really need? Although you might be tempted to mortgage yourself to the brim or borrow a little more than you should, the fact of the matter is that everyone has financial limits. My blog discusses the impact of borrowing more than you need, so that you can make smarter decisions with your money. In addition to keeping you out of trouble, this valuable information might also improve your quality of life and protect your financial future. You never know, it could make all the difference.